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Friday, 12 February 2016

Maize prices ended lower by 3.91 per cent on Thursday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of heavy selling activity by the traders on account of higher global supplies and weak offtakes from the local buyers.

At the NCDEX, maize futures for February 2016 contract closed at Rs. 1,353 per quintal, down by 3.91 per cent, after opening at Rs. 1,399 against the previous closing price of Rs. 1,408.

It touched the intra-day low of Rs. 1,352. Sentiment weakened further as a result of a decline in the demand for the commodity from bio-fuel making industries tracking the weak global markets.

Crude oil futures sank almost 3 per cent in the domestic market on Thursday, hitting the lowest level since 2003 overseas as investors continue to shun the energy commodity amidst fears that last week’s surprise dip of 754,000 barrels in US storage levels won’t be enough to counter a growing supply glut amid rising OPEC production, and signs of slowing global demand growth.

While the IEA this week warned that oversupplies in the oil market may persist for several more months, the OPEC lowered its forecasts for global crude oil demand growth in 2016, as recessions in Brazil and Russia curb consumer spending.

Natural Gas futures slumped by 4 per cent in the domestic market on Wednesday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market as forecasts calling for warmer than average temperatures in the US later in February threatened to curb the demand for the heating fuel in the world’s biggest gas consuming nation.

About 49 per cent of US households use natural gas for heating purposes. November to March is the peak US gas heating season.

Caution ahead of Thursday’s weekly US storage data which will offer fresh cues over the demand for the fuel in the country also weighed on sentiment.

Gold Newsspot gold prices surged by 0.7 percent to close at $1197 per ounce as weakness in the DX on anticipation of no rate hike in March meting supported the precious metal.The U.S. dollar tumbled to a nearly four-month low against a basket of major currencies, further supporting bullion prices.

ON the MCX, gold prices declined by 0.4 percent to close at Rs.28317 per 10 gms.

Silver News

Spot silver prices gained by 0.3 percent on Wednesday to close at $15.3 per ounce in line with strength in gold prices and weakness in the DX. However, Weak base metals pack exerted downside pressure on prices.

On the MCX, silver prices fell by 1.3 percent to close at Rs.36780 per kg.

Jeera prices closed higher by 1.19 per cent on Wednesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the investors increased their holdings in the commodity in the midst limited arrivals from growing regions.

At the NCDEX, jeera futures for March 2016 contract closed at Rs. 14,425 per quintal, up by 1.19 per cent, after opening at Rs. 14,225 against the previous closing price of Rs. 14,255. It touched the intra-day high of Rs. 14,475.

Sentiment improved further as a result of reduced domestic supplies in the physical markets and some export enquiries.

Crude oil futures tumbled by over 2 per cent in the domestic market on Wednesday as investors and speculators shunned the energy commodity amidst lingering fears over a growing supply glut as hopes of an agreement between OPEC and Non-OPEC producers, to curb production, faded while the IEA warned that oversupplies may worsen in the first half of this year as Iran and Iraq bolster production while demand slows.

Traders digested mixed US inventory data which showed that while crude stockpiles fell by 754,000 to 502 million barrels in the week ended February 5, 2016, compared to expectations of a 3.2 million barrels increase, supplies at Cushing, the biggest US oil storage hub, surged to a record high of near 65 million barrels.

Gold Tips spot gold prices declined by 0.2 percent on Tuesday to close at $1188.5 per ounce however, prices hovered beneath the previous session's 7-1/2-month high of $1,200 an ounce.

The U.S. dollar tumbled to a nearly four-month low against a basket of major currencies, further supporting bullion prices.

ON the MCX, gold prices declined marginally by 0.07 percent to close at Rs.28437 per 10 gms.

Silver Tips Spot silver prices declined by half a percent on Tuesday to close at $15.2 per ounce in line with weakness in gold prices. Weak base metals pack also exerted downside pressure on silver prices.

On the MCX, silver prices rose marginally by 0.33 percent to close at Rs.37248 per kg.

Cardamom prices fell by 3 per cent on Wednesday at the Multi Commodity Exchange (MCX) due to the adequate stocks availability in the physical market on account of higher supply from the producing belts of Chandausi in Uttar Pradesh.

At MCX, Cardamom futures for February 2016 contract were trading at Rs. 608.10 per kg, down by 3 per cent, after opening at Rs. 608.10 against the previous closing price of Rs. 626.90. It touched the intra-day low of Rs. 608.10 till the trading.

Sentiment weakened further as the traders booked profits at the prevailing levels in the midst of a subdued demand for the commodity.

Barley prices closed lower by 0.38 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the investors booked profits at the higher on account of the weak physical markets and also due to the fall in the demand from beer and cattle-feed makers.

At the NCDEX, barley futures for May 2016 contract closed at Rs. 1,438 per quintal, down by 0.38 per cent, after opening at Rs. 1,434.5 against the previous closing price of Rs. 1,443.5. It touched the intra-day low of Rs. 1,434.5.

Zinc futures bit the dust on Tuesday, with prices tanking nearly 3 per cent in the domestic market as investors and speculators exited positions in the industrial metal amidst weak physical demand for zinc in the domestic spot market.

Further, a surprise in dip in industrial output in Germany signaled worries over the health of Europe’s biggest economy, dimming the demand outlook for the industrial metal

At the MCX, Zinc futures for February 2016 contract closed at Rs 114.55 per kg, down by 2.92 per cent after opening at Rs 118, against the previous closing price of Rs 118. It touched the intra-day low of Rs 111.8

Mustard seed prices closed higher by 0.31 per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the decline in the supply for the commodity in the major markets.

At the NCDEX, mustard seed futures for April 2016 contract closed at Rs. 3,870 per quintal, up by 0.31 per cent, after opening at Rs. 3,850 against the previous closing price of Rs. 3,858. It touched the intra-day high of Rs. 3,915. India produces 5.5 million MT to7 million MT annually and about 0.15 million MT is retained for sowing and direct consumption as seed which leaves about 4.8-5.1 million MT for crushing and extracting oil.

Chana prices closed higher 4 per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as the traders enlarged their holdings in the commodity on account of the good demand in the market.

At the NCDEX, chana futures for April 2016 contract closed at Rs. 4,238 per quintal, up by 4 per cent, after opening at Rs. 4,125 against the previous closing price of Rs. 4,075. It touched the intra-day high of Rs. 4,238.

MCX Gold Spot gold prices rose by 1.5 percent on Monday to close at $1190.8 per ounce as prices rose to a 7-1/2-month high, briefly nudging above the psychological level of $1,200 an ounce, as sliding stock markets and worries over global economic growth prompted investors to seek safety.On the MCX, gold prices rose by 2.67 percent to close at Rs.28458 per 10 gms.

MCX Silver Spot silver prices rose by 2.3 percent on Monday to close at $15.3 per ounce in line with strength in gold prices coupled with weakness in the dollar index.On the MCX, silver prices rose by 3.69 percent to close at Rs.37127 per kg.

Natural Gas futures surged by more than 4.5 per cent in the domestic market on Monday as investors and speculators booked fresh positions in the energy commodity tracking a bullish trend in the overseas market as forecasts for cold weather across parts of the US over the next two weeks bolstered the demand outlook for the heating fuel in the world’s biggest gas consuming nation.

At the MCX, Natural Gas futures for February 2016 contract closed at Rs 145.9 per mmBtu, up by 4.59 per cent, after opening at Rs 140.9, against the previous closing price of Rs 139.5. It touched an intra-day high of 147.8.

Monday, 8 February 2016

Mentha oil prices rose by 1.37 per cent on Monday at the Multi Commodity Exchange (MCX) due to tight stocks position in the physical market due to restricted arrivals from producing belts.

At MCX, Mentha oil futures for February 2016 contract, at MCX, were trading at Rs. 917.40 per kg, up by 1.37 per cent after opening at Rs. 905.90 against the previous closing price of Rs. 905. It touched the intra-day high of Rs. 918 till the trading. (At 2.30 PM today).

Cardamom prices fell by 2.44 per cent on Monday at the Multi Commodity Exchange (MCX) due to the adequate stocks availability in the physical market on account of higher supply from the producing belts of Chandausi in Uttar Pradesh.

At MCX, Cardamom futures for February 2016 contract were trading at Rs. 663.30 per kg, down by 2.44 per cent, after opening at Rs. 663.30 against the previous closing price of Rs. 679.90. It touched the intra-day low of Rs. 660.80 till the trading. (At 10.45 AM today).

The government is considering a package of tax incentives for the labour-intensive gems and jewellery sectors in the forthcoming Budget to provide a boost to manufacturing as well as exports, reported PTI. For gems and jewellery, which is also the thrust sector under the 'Make in India' programme, the industry has asked to raise customs duty to 15 per cent from the current 10 per cent and abolish the excise duty from the current rate of 6 er cent on

imitation jewellery.

The suggestions assumes significance as the popularity of Indian imitation jewellery across the globe is increasing and there is a huge demand in countries including the US and Europe.

"Extending the tax benefits to the sector will enable competitive manufacturing in the country and also boost exports," Finance Minister Arun Jaitley will unveil the Budget on February 29.

Spot gold stepped back on Monday from near a three-month top hit the session before, after a U.S. jobs report cast some doubt over prospects for a quicker pace of rate hikes this year and pushed up the dollar.

U.S. employment gains slowed more than expected in January as the boost to hiring from unseasonably mild weather faded, but rising wages and an unemployment rate at an eight-year low suggested the labour market recovery remains firm.

"We prefer gold," said analyst Lachlan Shaw of UBS.

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Crude oil futures sank more than 1 per cent in the domestic market on Friday as investors and speculators exited positions in the energy commodity tracking weakness in the overseas market as a stronger dollar curbed the lure for the fuel as an alternative asset. Stronger greenback makes dollar-denominated commodities such as oil more expensive for those holding other currencies, thus dimming demand. The dollar rose as a fairly upbeat January jobs report raised speculation of a US Federal Reserve interest rate hike this year.

Oil may rebound today after Saudi Arabia’s Oil Minister Ali al- Naimi said that talks with his Venezuelan counterpart over measures to co-operate and stabilize the oil market, were successful, even as he declined to outline the steps producers needed to take to bolster beaten down prices.